Unilever ADRs Bounce Back After Co. Commits to Financial Discipline
19 Januar 2022 - 7:02PM
Dow Jones News
By Robb M. Stewart
Unilever PLC's U.S. stock rebounded Wednesday after the
consumer-goods company said it won't increase its 50 billion pounds
($67.98) bid for GlaxoSmithKline PLC's majority-owned consumer
healthcare division.
In midday trading, the American depositary receipts were 9.4%
higher at $50.82.
The ADRs dropped 14% Tuesday, touching a 52-week low during the
session, on the first day of trading after Unilever over the
weekend said it had approached Glaxo and Pfizer Inc. about buying
the business in an effort push further into health, beauty and
hygiene products. The healthcare business is 68% owned by Glaxo,
which said it rejected Unilever's approaches on the basis they
undervalued the business, and 32% by Pfizer.
Unilever said it is committed to maintaining strict financial
discipline to ensure acquisitions create value for its
shareholders.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
January 19, 2022 12:47 ET (17:47 GMT)
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